Scottish fund Baillie Gifford cuts stake in Spain's DIA

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MADRID (Reuters) - Baillie Gifford has cut its stake in Spanish supermarket group DIA (DIDA.MC) to 5.6 from 8.5 percent, the third time in less than a month that the Scottish fund has reduced its holding.

A long economic crisis helped boost discount retailer DIA’s market share, but it has struggled since an economic rebound put more cash in Spaniards’ pockets.

Baillie Gifford, whose DIA holding had been above 10 percent since April 2015, declined to comment on Friday on the sale.

DIA, which has lost more than two-thirds of its market value since a 2015 peak, appointed a new chief executive in August and is due to present a strategic plan by the end of the year.